litecoin-wallet-security

Step-By-Step Guide To Securing your Litecoin Wallet

Step 1. Ensure your computer is free from malware (viruses, bots, trojans etc.)

  • This step is critical – it helps prevent  someone from trying to steal your private keys and access your coins. Use a program such as Microsoft Security Essentials to scan your whole computer before proceeding.
  • You have to be certain that your computer hasn’t been comprised  before continuing.
  • If you have any doubts and you want a 100% secure environment then follow my Live Linux guide before going to step 2.

Step 2. Download and setup  Litecoin-Qt

  • Download the Litecoin-Qt client, this is the official wallet client for Litecoin.  Install and open Litecoin-Qt, it will automatically start syncing with the latest Litecoin blockchain which may take several hours depending on the speed of your internet.

Step 3. Disconnect from the internet

  • Disconnect your computer from the internet. This will prevent anyone from trying to install malware or steal your wallet before you have securely moved it offline. You can turn off your modem/router or disconnect your computer by removing the Ethernet cable and/or turning off the wireless.

Step 4. Create your Litecoin addresses

  • Click the ‘Receive‘ tab and then click the ‘New Address‘ button. You can create as many addresses as you like and add a label for each address for easy reference.

add-litecoin-address

  • Export your address to a CSV file using the ‘Export‘ button. You can keep electronic and hard copies of your addresses. No one can do anything with them accept send you Litecoins.

Step 5. Print your private keys (paper wallet)

Each Litecoin address has a private key associated with it, the private key is required to send Litecoins from the address to another address. You should keep a copy of your private keys on paper (paper wallet) and store it somewhere safe. You can later use your paper wallet to restore your wallet, should you lose your wallet file.

  • Go to Help > Debug Window > Console and type:
    dumpprivkey your-litecoin-address
  • The private key will be displayed in the debug window. Repeat for each address.
  • Copy the results to notepad and print. Delete the notepad file!

debug-window

dumpprivkey

Step 6. Encrypt your wallet

  • This step is optional, but is  highly recommended. It helps prevent someone from accessing your private keys should they steal your wallet.
  • Go to Settings >Encrypt Wallet…

Step 7. Move your wallet offline

The wallet file contains the private keys we just printed for your Litecoin addresses. As mentioned, these are required in order to send Litecoins. If anyone obtains this file they can steal your coins. Encrypting the file as in Step 6 will help in preventing someone from accessing the private keys, but the best way is to take the file offline!

  • Close Litecoin-Qt.
  • Locate your wallet.dat file. The file should be in the following locations in Windows and Linux respectively:
    • Windows users:
    • C:\Users\[YOUR USERNAME]\AppData\Roaming\Litecoin\wallet.dat
    • Mac users:
       /Users/[YOUR USERNAME]/Library/Application Support/Litecoin/wallet.dat
    • Linux users:
       /home/[YOUR USERNAME]/.litecoin/wallet.dat
  • Move your wallet.dat file to several offline places (cold storage), such as 4x USB sticks.
  • Ensure you do not leave a copy of wallet.dat on your computer, cut and paste it to the last USB stick.
That’s it you’re done – you can now reconnect to the internet.

Checking your balance

You can check the balance and activity of any of your Litecoin addresses without the need of your wallet.dat file or private keys. Simply use any Litecoin blockchain explorer.

  • Reconnect to the internet.
  • Go to block-explorer.com and enter in your Litecoin address to view the balance and transactions.
    For example,  see the address I use for donations, thanks guys 🙂

Sending / Spending Litecoins

You will only need your wallet when you want to send Litecoins to another address. Please see How to Use Your Wallet & Send, Spend Litecoins Securely to find out how.

 

Related posts:
View balance in Litecoin-Qt | Import Private Keys into Litecoin-QT | How to Use Your Wallet & Send, Spend Litecoins Securely

7 thoughts on “Step-By-Step Guide To Securing your Litecoin Wallet”

  1. So…

    I woke up this morning and opened Litecoin-QT and noticed 25LTC were sent from my wallet which I did not do.

    I’m pretty much out of luck, right?

  2. Hi – A few years ago I bought several Litecoins on my Litecoin-Qt Wallet from you guys on my old Windows XP laptop. Just tried to fire up the old machine but it says I need to update a newer version before I can download 6 years worth of blockchain. My XP runs 32bit and can’t find a newer version except for 64bit which won’t work on my laptop. Any ideas?

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